I welcome the consensus reached on the Ministerial Statement and the Comprehensive Framework for Joint Action by Members of the Global Forum on Steel Excess Capacity.
The successful conclusion of the Global Forum on Steel Excess Capacity Ministerial Meeting in Milwaukee is an important step forward in addressing one of the most pressing challenges facing the global steel sector.
The Global Forum was established following the 2016 G20 Leaders’ commitment to take effective steps to address excess capacity. The OECD has facilitated its work since its creation. Throughout that period, the Forum has provided a platform for dialogue, transparency and co-operation among major steel-producing economies. Today's outcome demonstrates the continued value of that co-operation at a time when global steel excess capacity remains at historically elevated levels and is projected to rise further in the years ahead.
The new Comprehensive Framework for Joint Action reflects a shared commitment by Members to take practical and meaningful steps to address the impacts and root causes of excess capacity. It also strengthens the basis for future co-operation, monitoring and accountability.
The adoption of this Framework comes at an important moment. Excess capacity disturbs markets and trade, undermines fair competition, weakens incentives for investment and innovation, and places pressure on workers and communities that depend on a sustainable and competitive steel industry. OECD analysis has consistently highlighted these challenges and the need for collective action to address them.
I also welcome Ministers' commitment to deepen work on non-market policies and practices that contribute to excess capacity and market distortions. Greater transparency, evidence and international co-operation are essential to understanding these challenges and developing effective responses.
Ministers’ call to extend the Global Forum's mandate for a further three years is particularly significant. It recognises that the conditions that led to the Forum's creation remain present today and that continued international engagement is needed to address them effectively.
I congratulate the Chair, the Members of the Global Forum and all participants for their constructive engagement and for reaching agreement on a substantive and forward-looking package of measures. Today's outcome sends a clear signal of collective determination to advance evidence-based solutions that promote more resilient, market-oriented and sustainable steel markets.
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